A third of people in Nigeria are unemployed, with a misery index of over 55 percent (unemployment plus inflation). Forty percent of the population lives below the poverty line. According to the World Bank the number of low-income people in Nigeria hit 95.1 million in 2022. This demographic are most in need of authentic pharmaceutical and consumer goods as well as the behavioural education campaigns to promote good health and living practices.
DrugStoc is looking to serve this demographic through the TRANSFORM project. Founded to empower healthcare practitioners and the population at large, it aims to provide timely, authentic and affordable pharmaceutical and medical products. The goal is to provide anti-counterfeit drugs and products to all healthcare providers, tackling fragmentation in the market.
Proprietary and patent medicine vendors (PPMVs) in Nigeria exist primarily in low-income areas and are manned by people without professional training, selling basic over-the-counter medication. They are not able to procure in large quantities from distributors, meaning they miss out on rebates or discounts. There are also no controls or standards dictating where and how they source their drugs, leading to the proliferation of counterfeit medication, at high prices, to be sold to a low-income demographic who already cannot afford proper healthcare. It perpetuates an unhealthy cycle.
DrugStoc, through funding from TRANSFORM, is stepping in to ensure the supply of anti-counterfeit medication and consumer products, and introduce inventory management and flexible payment options so as to ensure optimal stocking and ease of payment. The data obtained from this project will also result in actionable intelligence that will guide product supply, route to market and demand creation for pharmaceutical and consumer goods.
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